Triplepoint Venture Growth BDC Corp (TPVG) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the TriplePoint Venture Growth BDC Corporation second quarter of 2024 earnings conference call. (Operator Instructions) This conference is being recorded, and a replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website.

女士們、先生們，下午好，歡迎參加 TriplePoint Venture Growth BDC Corporation 2024 年第二季財報電話會議。（操作員說明）本次會議正在錄製中，電話會議的重播將在 TriplePoint Venture Growth 網站上的音訊網路廣播中提供。

Company management is pleased to share with you the company's results for the second quarter of 2024. Today, representing the company is Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Chris Mathieu, Chief Financial Officer.

公司管理層很高興與您分享公司 2024 年第二季的業績。今天代表公司的是執行長兼董事會主席 Jim Labe； Sajal Srivastava，總裁兼首席投資長；克里斯‧馬蒂厄（Chris Mathieu），財務長。

Before I turn the call over to Mr. Labe, I'd like to direct your attention to the customary Safe Harbor disclosure in the company's press release regarding forward-looking statements and remind you that during this call, management will make certain statements that relate to future events or the company's future performance or financial condition, which are considered forward-looking statements under federal securities law. You are asked to refer to the company's most recent filings with the Securities and Exchange Commission for important factors that could cause actual results to differ materially from these statements.

在我將電話轉給Labe 先生之前，我想請您注意公司新聞稿中有關前瞻性陳述的慣例安全港披露，並提醒您，在這次電話會議中，管理層將做出與以下相關的某一些陳述：未來事件或公司未來業績或財務狀況，根據聯邦證券法被視為前瞻性陳述。您需要參考該公司最近向美國證券交易委員會提交的文件，以了解可能導致實際結果與這些聲明有重大差異的重要因素。

The company does not undertake any obligation to update any forward-looking statements or projections unless required by law. Investors are cautioned not to place undue reliance on any forward-looking statements made during the call, which reflect management's opinions only as of today. To obtain copies of our latest SEC filings, please visit the company's website at www.tpvg.com.

除非法律要求，否則本公司不承擔更新任何前瞻性陳述或預測的義務。請投資人不要過度依賴電話會議期間所做的任何前瞻性聲明，這些聲明僅反映管理階層截至今天的意見。若要取得我們最新的 SEC 文件副本，請造訪公司網站 www.tpvg.com。

Now I'd like to turn the conference over to Mr. Labe.

現在我想把會議交給拉貝先生。

Thank you, and good afternoon, everyone, and welcome to TPVG's second-quarter earnings call. During the second quarter, our focus continued to remain on navigating through what the NVCA label says a generational market shift in the venture capital markets. Given the continued volatility and challenges in the venture capital market as well as the public markets for technology companies, we stayed on our path of selectively increasing our investment activity to capture growing investment opportunities coming to market, proactively managing our existing investment portfolio, maintaining strong liquidity and taking the steps that we believe will enable us to position TPVG for the future.

謝謝大家，大家下午好，歡迎參加 TPVG 第二季財報電話會議。在第二季度，我們的重點仍然是應對 NVCA 標籤所說的創投市場的世代市場轉變。鑑於創投市場以及科技公司公開市場的持續波動和挑戰，我們堅持有選擇地增加投資活動以捕捉市場上不斷增長的投資機會，積極管理我們現有的投資組合，保持強勁的投資組合。並採取我們相信將使我們能夠為未來定位TPVG 的步驟。

While we're seeing a modest increase in investment activity, we do not believe this marks an inflection point. The imbalance continues between the levels of venture capital investment activity and the continuing limited exit opportunities through IPOs, our merger acquisitions, for venture capital-backed private technology companies. Private company valuations have not fully reset and we expect the valuation overhang in Venture Growth stage companies to continue to be worked through over the coming quarters.

雖然我們看到投資活動略有增加，但我們認為這並不標誌著轉折點。創投活動水準與創投支持的私人科技公司透過首次公開募股（IPO）和併購的退出機會持續有限之間的不平衡現象仍然存在。私人公司的估值尚未完全重置，我們預計風險成長階段公司的估值過剩問題將在未來幾季繼續解決。

VCs continue to be patient with their investment activity, balancing the need to preserve their dry powder and also growing mindful of the need to generate distributions for the limited partner investors through exit activity, while all at the same time, taking advantage of new investment opportunities they are seeing at investor-friendly terms in today's market.

創投公司繼續對其投資活動保持耐心，平衡保存乾粉的需要，並越來越意識到透過退出活動為有限合夥投資者產生分配的需要，同時利用新的投資機會他們看到了當今市場上對投資者友善的條款。

Turning to the market for debt financing, the demand for venture lending continues, many from companies who raise capital in the current market environment or a meaningful existing cash runway and are looking to complement that capital with debt financing, given their continued operational success. Combining this continued increase in demand and our previously stated expectation of an increased new investment activity in 2024, signed term sheets for venture growth stage companies at TriplePoint Capital increased 44% over the previous quarter and new debt commitments by 420% and fundings by 186% at TPVG.

轉向債務融資市場，對風險貸款的需求仍在繼續，其中許多來自在當前市場環境或有意義的現有現金跑道中籌集資金的公司，並且鑑於其持續的營運成功，希望透過債務融資來補充這些資本。結合需求的持續成長以及我們先前提出的2024 年新投資活動增加的預期，TriplePoint Capital 為風險成長階段公司簽署的條款清單比上一季增加了44%，新債務承諾增加了420%，融資增加了186%在TPVG。

In terms of the current portfolio, our team continues to monitor and maintain close contact with all of our portfolio companies and their venture investors, and we remain heads down managing through existing credit situations. At the same time, we're encouraged by the strengthening operating performance and improved fundraising activity from a number of our portfolio companies, which are also across several industry sectors.

就目前的投資組合而言，我們的團隊將繼續監控所有投資組合公司及其風險投資者並與其保持密切聯繫，並且我們將繼續埋首管理現有的信貸狀況。同時，我們的部分投資組合公司的營運績效不斷增強，融資活動也有所改善，這些公司也跨越多個產業領域，這令我們感到鼓舞。

An aggregate of almost $1 billion was raised by our debt portfolio companies in the first half of this year. That's more than double that of the previous year. And it includes -- excuse me, excludes metropolis, which in itself raised $1 billion in Q2 as part of its acquisition of SP Plus. This increased fundraising activity we are seeing continues across multiple sectors including software, fintech, robotics, cybersecurity, and others that we have been talking about and citing in these calls.

今年上半年，我們的債務投資組合公司總共籌集了近 10 億美元。這是前一年的兩倍多。其中包括——對不起，不包括 Metropolis，該公司本身在第二季度透過收購 SP Plus 籌集了 10 億美元。我們看到這種增加的籌款活動在多個領域持續進行，包括軟體、金融科技、機器人、網路安全以及我們在這些電話會議中一直在談論和引用的其他領域。

Touching on our warrant and equity positions in our portfolio, we have outstanding warrant positions in 94 portfolio companies and equity positions in 46. We believe these positions bode well for our ability to improve NAV over the long term.

談到我們投資組合中的認股權證和股權頭寸，我們在 94 家投資組合公司中擁有未償還的認股權證頭寸，在 46 家公司中擁有股權頭寸。我們相信，這些立場對我們長期提高資產淨值的能力來說是個好兆頭。

I'm also pleased to report that we've made notable progress over the past 1.5 years in reducing our unfunded commitments, boosting our total liquidity and reducing our leverage ratio to fall within our target range. Unfunded commitments went from a high of $205 million one year ago to $71 million as of the second quarter. And more importantly, we reduced our gross leverage ratio from as high as 1.76 at the end of last year to 1.15 as of quarter's end.

我還很高興地報告，過去 1.5 年裡，我們在減少無資金承諾、增加總流動性以及將槓桿率降低到目標範圍內方面取得了顯著進展。截至第二季度，無資金承諾從一年前的 2.05 億美元增至 7,100 萬美元。更重要的是，我們將總槓桿率從去年底的1.76降低到季末的1.15。

We also announced earlier today the renewal of our revolving credit facility, which provides us a meaningful source of capital and financial flexibility for us in our go-forward plans. These efforts have provided us with substantial liquidity and will play key roles in positioning TPVG here in the short term and over the long term.

今天早些時候，我們也宣布更新我們的循環信貸額度，這為我們的未來計劃提供了有意義的資本來源和財務靈活性。這些努力為我們提供了大量的流動性，並將在短期和長期的 TPVG 定位中發揮關鍵作用。

The Board took another step on this path forward by reducing our regular distribution this quarter to $0.30 per share. This was not an easy decision and reflects a number of considerations, including our higher-than-expected repayment and prepayment activity during the first quarter. And once again, our higher-than-expected repayment and prepayments last quarter, but also given the impact of reduced fundings, measured investment allocations, the lower level of funding activity relative to prior years, again, reducing our leverage to our target leverage range and factoring in what we think will be expected federal interest rate cuts. The dividend is now much better aligned with the earnings power of our portfolio, our core portfolio yield, and other targeted leverage while still providing sizable distributions to shareholders.

董事會在這條道路上又邁出了一步，將本季的定期分配減少至每股 0.30 美元。這不是一個容易的決定，反映了許多考慮因素，包括我們第一季的還款和預付款活動高於預期。上季度我們的還款和預付款再次高於預期，考慮到資金減少、衡量投資分配、融資活動水平相對前幾年較低的影響，再次將我們的槓桿率降低到目標槓桿範圍並考慮到我們認為預期的聯邦降息。現在，股息與我們投資組合的獲利能力、核心投資組合收益率和其他目標槓桿作用更加一致，同時仍為股東提供可觀的分配。

Complementing these efforts is our continued progress on diversifying the portfolio, including the industry sector and geographic rotation we have been talking about during the last few quarters. Our focus remains to be investing in companies operating in what we believe are attractive investment sectors and ones that have recently raised capital, have ample cash runways, have backing from our select venture investors, have prudent management teams and whose business models have attractive unit economics and high retention rates.

作為這些努力的補充，我們在投資組合多元化方面不斷取得進展，包括我們在過去幾個季度一直在談論的行業領域和地域輪調。我們的重點仍然是投資於我們認為具有吸引力的投資領域的公司，以及最近籌集資金、擁有充足現金跑道、得到我們精選風險投資者的支持、擁有審慎管理團隊以及其業務模式具有有吸引力的單位經濟效益的公司。

We'll also continue to evaluate hold sizes, debt-to-equity ratios, deal structures, and other key metrics. We're encouraged by the progress to date in the recent investments we've made, which continue to reflect these goals and parameters.

我們也將繼續評估持有規模、債務股本比率、交易結構和其他關鍵指標。我們對近期投資所取得的進展感到鼓舞，這些投資繼續反映了這些目標和參數。

Further, we're evaluating the potential for broadened investment strategies for TPVG, particularly given our sponsor, TriplePoint Capital, a multibillion-dollar platform-wide venture lending business and potential increased ways in which TPVG could benefit. TriplePoint Capital manages multiple vehicles and has been underwriting venture loans for almost 20 years, to date, having committed more 13 billion to more than 1,000 venture-backed companies during that period.

此外，我們正在評估 TPVG 擴大投資策略的潛力，特別是考慮到我們的贊助商 TriplePoint Capital 是一家價值數十億美元的全平台風險貸款業務，以及 TPVG 可能受益的潛在更多方式。TriplePoint Capital 管理著多種工具，迄今已承銷風險貸款近 20 年，在此期間已向 1,000 多家風險投資支持的公司承諾了超過 130 億美元。

As a leader in the venture lending market with an exceptional brand name and reputation, TriplePoint Capital continues to grow and capitalize on investment opportunities in today's market, including actively expanding its bench and ongoing increases in originations and investment staffing nationwide. We believe the sum of all these efforts positions TPVG well for when the venture capital markets recover and believe it could result in tangible benefits to our stakeholders as well as over the long term.

作為風險貸款市場的領導者，擁有卓越的品牌和聲譽，TriplePoint Capital 不斷發展並充分利用當今市場的投資機會，包括積極擴大其基礎設施以及持續增加全國範圍內的發起和投資人員配置。我們相信，所有這些努力的總和使 TPVG 在創投市場復甦時處於有利地位，並相信這能為我們的利害關係人以及長期帶來切實的利益。

Finally, I'd like to take a minute to thank Chris Mathieu for his efforts over the past five years, not only at TPVG, but also at our TriplePoint Capital platform. We wish him the best in his upcoming retirement and appreciate not only his dedication but the friendship over the many years.

最後，我想花一點時間感謝 Chris Mathieu 在過去五年中所做的努力，不僅在 TPVG，而且在我們的 TriplePoint Capital 平台。我們祝福他在即將到來的退休生活中一切順利，不僅感謝他的奉獻精神，而且感謝他多年來的友誼。

As we continue with our search for our CFO, we would like to welcome Matt Galiani, whom we announced earlier this week to serve as our interim CFO. Matt takes over the reins this Friday and joined the company back in 2019, and he served as the company's controller since December 2022.

在我們繼續尋找財務長的過程中，我們熱烈歡迎馬特·加利亞尼 (Matt Galiani)，我們在本週稍早宣布他將擔任我們的臨時財務長。馬特於本週五接管公司，並於 2019 年加入公司，自 2022 年 12 月起擔任該公司的財務總監。

With that, I'll now the call over to Sajal to cover our activity and outlook in more detail.

現在，我將致電 Sajal，更詳細地介紹我們的活動和前景。

Thank you, Jim, and good afternoon. Investment pipeline activity increased for the fourth consecutive quarter as TriplePoint Capital signed $188 million term sheet with venture growth stage companies compared to $130 million in Q1, reflecting continued increases in originations by our investment team, referrals from our select venture capital funds and demand from high-quality companies seeking debt financing.

謝謝你，吉姆，下午好。TriplePoint Capital 與風險成長階段公司簽署了1.88 億美元的投資意向書，而第一季為1.3 億美元，投資管道活動連續第四個季度增加，反映出我們的投資團隊的發起活動、我們精選的風險投資基金的推薦以及來自高端企業的需求的持續增長。

Although our investment pipeline activity is increasing, TriplePoint Capital and TPVG continue to be very measured in our approach to new originations in light of market conditions. With regards to new investment allocation to TPVG during the second quarter, in light of our progress of reducing leverage and mindful of our objectives for portfolio diversification, TriplePoint Capital allocated $52 million in new commitments to five companies to TPVG, including two new portfolio companies, our highest commitment amount over the past six quarters.

儘管我們的投資管道活動不斷增加，但 TriplePoint Capital 和 TPVG 仍然根據市場狀況謹慎謹慎地對待新項目。關於第二季對TPVG的新投資分配，鑑於我們降低槓桿率的進展以及考慮到我們投資組合多元化的目標，TriplePoint Capital向TPVG的五家公司新分配了5200萬美元的新承諾，其中包括兩家新的投資組合公司，我們過去六個季度的最高承諾金額。

Commitments to new portfolio companies during Q2 included Affinity, the software-based relationship intelligence platform built to expand and involve traditional CRM backed by Menlo Ventures, [Pear Ventures] and other investors; and Cresta Intelligence, a software company, which leverages artificial intelligence to help sales and service agents improve the quality of their customer service backed by Sequoia Capital, Greylock Partners and (inaudible) and other investors.

第二季對新投資組合公司的承諾包括 Affinity，這是一個基於軟體的關係智慧平台，旨在擴展和涉及由 Menlo Ventures、[Pear Ventures] 和其他投資者支持的傳統 CRM； Cresta Intelligence 是一家軟體公司，在紅杉資本、Greylock Partners 和（聽不清楚）等投資者的支持下，利用人工智慧來幫助銷售和服務代理提高客戶服務品質。

During the quarter, we also made follow-on commitments to two recent portfolio companies, as well as refinanced an existing portfolio company in conjunction with an upside. Thus far in Q3, TPVG has closed a total of $11 million of new commitments to one new portfolio company in the software industry and one existing portfolio company.

在本季度，我們也對兩家最近的投資組合公司做出了後續承諾，並結合上行空間為現有的投資組合公司進行了再融資。到目前為止，第三季度，TPVG 已向軟體產業的一家新投資組合公司和一家現有投資組合公司完成了總計 1,100 萬美元的新承諾。

During the quarter, TPVG funded $38.7 million in debt investments to five portfolio companies, which is up from $13.5 million in debt investments to three portfolio companies in Q1 and is our highest funding amount over the past five quarters. We have funded $52.2 million year to date and $89.3 million over the past 12 months, which support our efforts to increase newer portfolio advantages.

本季度，TPVG 向5 家投資組合公司提供了3,870 萬美元的債務投資，高於第一季向3 家投資組合公司提供的1,350 萬美元的債務投資，也是我們過去五個季度以來的最高融資額。我們今年迄今已資助 5,220 萬美元，過去 12 個月資助了 8,930 萬美元，支持我們努力增強新的投資組合優勢。

The investments funded this quarter carried a weighted average annualized portfolio yield of 15.5% debt origination, up from 14.3% in Q1. Our quarterly gross funding target continues to be in the $25 million to $50 million range. As a reminder, new fundings typically occur at the end of the quarter and don't materially contribute to income in the quarter in which they fund.

本季資助的投資的債務起源加權平均年化投資組合收益率為 15.5%，高於第一季的 14.3%。我們的季度總融資目標繼續在 2500 萬美元至 5000 萬美元範圍內。提醒一下，新的融資通常發生在季度末，並且不會對融資所在季度的收入產生實質貢獻。

During Q2, we had $51 million of loan prepayments due primarily to large equity capital raises and acquisitions, up from $31 million of loan prepayments in Q1, representing $82 million of prepayments to date and $153 million over the past 12 months. Prepayment-related income this quarter contributed to an overall weighted average portfolio of 15.8%, in line with last quarter's portfolio. Excluding prepayments, core portfolio was 39% down from 14.7% in Q1.

第二季度，我們的預付款項為5,100 萬美元，主要是由於大規模股權融資和收購，高於第一季的3,100 萬美元貸款預付款項，相當於迄今為止的預付款項為8,200 萬美元，過去12個月的預付款項為1.53 億美元。本季與預付款相關的收入對整體加權平均投資組合的貢獻為 15.8%，與上季的投資組合一致。不包括預付款，核心投資組合較第一季的 14.7% 下降 39%。

During Q2, we had $28 million of scheduled principal repayments and $15 million of proceeds from the disposition of loans for a total of $43 million up from $7 million of scheduled principal repayments and $1 million of proceeds from the disposition of loans for a total of $8 million in Q1. Year to date, we've had $51 million in total scheduled principal repayments and proceeds from the dispositions of loans and $110 million over the past 12 months.

在第二季度，我們有2800 萬美元的計劃本金償還和1500 萬美元的貸款處置收益，總計4300 萬美元，高於700 萬美元的計劃本金償還和100 萬美元的貸款處置收益，總計8美元第一季的百萬美元。今年迄今為止，我們的計劃本金償還和貸款處置收益總額為 5,100 萬美元，過去 12 個月為 1.1 億美元。

So in summary, over the past 12 months, we've had over $260 million of cash received from prepays, principal repayments, and disposition of loans, and in light of market conditions over that same time period have had investment fundings of only $89 million, contributing to net portfolio contraction of approximately $170 million. As we look to the rest of this year, given how the portfolio has contracted, we expect the pace of prepay and amortization to slow down over the remainder of 2024, but do expect the pace of principal repayments to increase in 2025 given contractual amortization requirements.

總而言之，在過去 12 個月中，我們從預付款、本金償還和貸款處置中收到了超過 2.6 億美元的現金，而考慮到同期的市場狀況，我們的投資資金僅為 8,900 萬美元，導致投資組合淨收縮約1.7 億美元。展望今年剩餘時間，考慮到投資組合的收縮情況，我們預計 2024 年剩餘時間內預付款和攤銷的步伐將放緩，但考慮到合約攤銷要求，預計本金償還的步伐將在 2025 年增加。

With regards to fundraising activity, nine portfolio companies with debt outstandings as of quarter's end raised $442 million during the quarter compared with eight portfolio companies with debt outstanding, raising $584 million during Q1, five portfolio companies raising $157 million in Q4, and three portfolio companies raising $47 million in Q3. Year to date, 16 portfolio companies with debt outstanding have raised over $1 billion of capital compared to 14 portfolio companies raising $190 million over the same period last year.

在融資活動方面，截至季末，有9 家有未償債務的投資組合公司在本季籌集了4.42 億美元，而有8 家有未償還債務的投資組合公司在第一季籌集了5.84 億美元，五家投資組合公司在第四季籌集了1.57 億美元，三家投資組合公司在第四季籌集了1.57 億美元。今年迄今為止，16 家未償還債務的投資組合公司已籌集了超過 10 億美元的資金，而去年同期有 14 家投資組合公司籌集了 1.9 億美元的資金。

As Jim mentioned, we continue to see capital raising activity within our portfolio picking up and continue to have several portfolio companies either in active fundraising discussions or expecting to launch a fundraising process shortly.

正如吉姆所提到的，我們繼續看到我們投資組合中的融資活動增加，並且繼續有幾家投資組合公司正在積極進行融資討論或預計很快就會啟動融資流程。

Last week, Flo Health, a consumer-focused portfolio company with $25 million outstanding announced raising over $200 million at a $1 billion valuation from General Atlantic. We believe this fundraising activity should strengthen the credit quality for these companies and bodes well for the value of our warrant and equity investments.

上週，Flo Health 是一家以消費者為中心的投資組合公司，已發行 2,500 萬美元的資金，宣布從泛大西洋投資集團 (General Atlantic) 籌集了超過 2 億美元，估值為 10 億美元。我們相信，這次募款活動應該會增強這些公司的信用質量，並對我們的認股權證和股權投資的價值帶來好兆頭。

As of June 30, we held warrants in 94 companies and equity investments in 46 companies with a total fair value of $98 million, up from $78 million last quarter. Our warrant and equity portfolio experienced a $12.8 million net unrealized gain in fair value or $0.33 per share for the quarter, primarily driven by an increase in the fair value of Revolut based on its exceptional financial performance as disclosed in its recently filed financial statements and the news that it obtained a UK banking license, both of which have positive implications for its continued growth and profitability. We believe there is a potential for a positive impact to net asset value from not only Revolut, but other companies currently in our warrant and equity portfolio, particularly as market conditions improve over the long term.

截至 6 月 30 日，我們持有 94 家公司的認股權證和 46 家公司的股權投資，總公允價值為 9,800 萬美元，高於上季的 7,800 萬美元。我們的認股權證和股票投資組合本季實現了1,280 萬美元的未實現公允價值淨收益，即每股0.33 美元，這主要是由於Revolut 的公允價值增長所致，該增長基於Revolut 最近提交的財務報表中揭露的卓越財務業績以及有消息稱其獲得英國銀行牌照，這兩項牌照都對其持續增長和盈利能力產生積極影響。我們相信，不僅 Revolut 以及目前我們認股權證和股票投資組合中的其他公司都有可能對淨資產價值產生正面影響，特別是隨著市場狀況長期改善。

During the quarter, we sold our publicly held shares in Hims & Hers, resulting in a realized gain of $1.8 million on our warrant and equity investments, representing an over 3 times multiple on our invested capital. In other portfolio activity during the quarter, Mynd Management was acquired by Roofstock and our loans were paid off in full, and our warrants were assumed. Existing credit watch list companies Outdoor Voices and TFG completed their acquisitions as well. These two companies have previously been marked down by $13 million, and we recognize an additional -- sorry, $800,000 loss from these events.

本季度，我們出售了 Hims & Hers 的公開持有股份，使我們的認股權證和股權投資實現了 180 萬美元的收益，相當於我們投資資本的 3 倍以上。在本季的其他投資組合活動中，Mynd Management 被 Roofstock 收購，我們的貸款已全額償還，我們的認股權證也已被承擔。現有信用觀察名單公司 Outdoor Voices 和 TFG 也完成了收購。這兩家公司先前已損失了 1,300 萬美元，我們也意識到這些事件造成了額外的損失——抱歉，80 萬美元的損失。

During the quarter, one portfolio company with a principal balance of $25 million was upgraded from Category 2 to Category 1, one portfolio company with a principal balance of $4.7 million was downgraded from Category 1 to Category 2. And one portfolio company with a principal balance of $13 million was downgraded from Category 2 to 3, primarily due to cash runway for financing events underway.

本季度，一家本金餘額為 2,500 萬美元的投資組合公司從第 2 類升級為第 1 類，一家本金餘額為 470 萬美元的投資組合公司從第 1 類降級為第 2 類。本金餘額為 1,300 萬美元的投資組合公司的評級從第 2 類下調至第 3 類，主要是由於正在進行的融資活動出現現金跑道。

In addition, Good Eggs, which has debt with a fair value of approximately $6.3 million, was downgraded from Category 2 to Category 4 during Q2 and announced yesterday its sale to GrubMarket. Our recovery is expected to be consistent with our mark as of Q2, and the company will be removed from our watch list in Q3.

此外，Good Eggs 的公允價值約為 630 萬美元的債務，在第二季從第 2 類降級為第 4 類，並於昨天宣佈出售給 GrubMarket。我們的復甦預計將與第二季的表現一致，該公司將在第三季從我們的觀察名單中刪除。

Mind Candy, with a fair value of $16 million, was downgraded from Category 3 to Category 4, reflecting year-to-date performance and other near-term challenges for the company, including additional maturity date extensions of our loans. Despite being one of TPVG's oldest investments, Mind Candy continues to receive support from its equity investors as it builds and grows its [Moshi Kids] app.

Mind Candy 的公允價值為 1,600 萬美元，從第 3 類下調至第 4 類，反映了公司今年迄今的業績和其他近期挑戰，包括貸款到期日的額外延期。儘管是 TPVG 最古老的投資之一，Mind Candy 在建立和發展 [Moshi Kids] 應用程式時繼續獲得股權投資者的支持。

While our total percentage of watch list investments was relatively flat this quarter, a number of these companies are in the process of completing equity financing or strategic events that are underway as well as improving operational performance, which if completed or achieved could result in improved credit outlooks.

雖然我們本季觀察名單投資的總百分比相對持平，但其中許多公司正在完成正在進行的股權融資或策略活動以及改善營運績效，如果完成或實現，可能會導致信用改善展望。

As we look to developments not only over the past six months, but also looking forward over the next one to two quarters, our e-commerce and retail-focused companies continue to face challenges. They generally have made the hard decisions to pull back on growth, cut burn, and focus on achieving profitability as soon as possible as they come to market for follow-on financing or strategic processes, including M&A, to enable them to continue the journey. The reception continues to be chilly as investors and acquirers generally remain on the sidelines. And these companies, their investors, and in many cases, we, as lender, must all decide if they continue to wait out the market or transact at whatever price the market will clear despite the progress they've made. Our teams continue to track these companies as well as other watch list situations.

當我們不僅展望過去六個月的發展，而且展望未來一到兩個季度時，我們以電子商務和零售為重點的公司繼續面臨挑戰。當他們進入市場進行後續融資或策略流程（包括併購）時，他們通常會做出艱難的決定，以減少成長，減少燒錢，並專注於盡快實現盈利，以使他們能夠繼續前進的旅程。由於投資者和收購方普遍保持觀望，市場反應依然冷淡。這些公司、他們的投資者，以及在許多情況下，我們作為貸款人，都必須決定他們是繼續等待市場退出，還是以市場出清的任何價格進行交易，儘管他們已經取得了進展。我們的團隊將繼續追蹤這些公司以及其他觀察名單的情況。

As we take a step back and assess not only market conditions and our recent performance, but also our outlook for the market, our playbook continues to be focused on building a strong foundation for TPVG. We've reduced our net leverage and have access to substantial liquidity that we intend to deploy in a measured fashion to companies in attractive sectors to further diversify portfolio.

當我們退後一步，不僅評估市場狀況和我們最近的表現，還評估我們對市場的前景時，我們的策略將繼續專注於為 TPVG 奠定堅實的基礎。我們降低了淨槓桿率，並獲得了大量流動性，我們打算以謹慎的方式將這些流動性配置給有吸引力行業的公司，以進一步實現投資組合多元化。

Our team is continuing to focus on bringing credit situations to a close or positioning companies for the longer term when market conditions are better. We believe that as market conditions improve, our warrant and equity portfolio will have a positive impact to our net asset value. We are also valuing opportunities to broaden TPVG's investment strategy as well as its overall size and scale in complementary ways.

我們的團隊將繼續專注於在市場狀況較好時結束信貸狀況或為公司進行長期定位。我們相信，隨著市場狀況的改善，我們的認股權證和股票投資組合將對我們的淨值產生正面影響。我們也重視以互補方式擴大 TPVG 投資策略及其整體規模和規模的機會。

And finally, we are aligning expectations, including the decision to reduce our distribution to be more consistent with our current portfolio size and earnings power without creating pressure to deploy assets and with the potential to generate excess earnings to stabilize and grow NAV. In summary, we have a plan and I'm optimistic for our future.

最後，我們正在調整預期，包括決定減少分配，以便與我們目前的投資組合規模和獲利能力更加一致，而不會造成部署資產的壓力，並有可能產生超額收益以穩定和成長資產淨值。總而言之，我們有一個計劃，我對我們的未來持樂觀態度。

And with that, I will now turn the call over to Chris.

現在，我將把電話轉給克里斯。

Thank you, Sajal, and hello, everyone. For the second quarter, total investment income was $27.1 million and a portfolio yield of 15.8%, as compared to $35 million or a portfolio yield of 14.7% for the prior-year period. The decrease in total investment income was primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio.

謝謝你，薩哈爾，大家好。第二季總投資收入為 2,710 萬美元，投資組合收益率為 15.8%，去年同期為 3,500 萬美元，投資組合收益率為 14.7%。總投資收益的下降主要是由於我們的收益債務投資組合的加權平均未償還本金金額較低。

For the second quarter, total operating expenses were $14.5 million as compared to $16.3 million for the prior-year period. These expenses consisted of $8.7 million of interest expense, which included $1.8 million or $0.05 per share of a onetime fee related to the minimum utilization clause on our credit facility, $3.8 million of base management fees, and $2 million of general and administrative expenses. There were no incentive fees this quarter.

第二季的總營運費用為 1,450 萬美元，而去年同期為 1,630 萬美元。這些費用包括870 萬美元的利息費用，其中包括180 萬美元或每股0.05 美元的與我們的信貸額度最低使用條款相關的一次性費用、380 萬美元的基本管理費以及200 萬美元的一般和行政費用。本季沒有獎勵費用。

For the second quarter, net investment income totaled $12.6 million or $0.33 per share compared to $18.8 million or $0.53 per share for the prior-year period. During the second quarter, the company recognized net realized losses on investments of $18.8 million, consisting primarily of $20.2 million of net realized losses on the investment portfolio from the write-off and restructuring of investments and partially offset by $1.3 million of net warrant and equity gains from the sale and disposition of investments.

第二季淨投資收益總計 1,260 萬美元，即每股 0.33 美元，而去年同期為 1,880 萬美元，即每股 0.53 美元。第二季度，該公司確認投資已實現淨虧損為1,880 萬美元，主要包括投資組合因投資沖銷和重組而產生的2,020 萬美元已實現淨虧損，並被130 萬美元的淨認股權證和股權部分抵銷出售和處置投資的收益。

Net change in unrealized gains on the investment portfolio for the second quarter was $14.9 million, consisting of $12.8 million of net unrealized gains on the warrant and equity portfolio and $10.9 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments realized during the period, offset by $8.8 million of net unrealized losses on the existing debt investment portfolio.

第二季投資組合未實現淨收益為1,490 萬美元，其中包括認股權證和股票投資組合的未實現淨收益1,280 萬美元，以及因先前記錄的投資未實現損失逆轉而產生的1,090 萬美元未實現淨收益。

As of quarter end, net asset value, or NAV, was $353 million or $8.83 per share compared to $346.3 million or $9.21 per share as at year-end. The company declared a regular quarterly distribution of $0.30 per share with a record date of September 16 to be paid on September 30. As of June 30, the company had estimated undistributed income or spillover income of $39.3 million or $0.98 per share.

截至季末，淨資產價值 (NAV) 為 3.53 億美元，即每股 8.83 美元，而年底為 3.463 億美元，即每股 9.21 美元。該公司宣布定期季度分配每股 0.30 美元，記錄日期為 9 月 16 日，將於 9 月 30 日支付。截至 6 月 30 日，該公司預計未分配收入或溢出收入為 3,930 萬美元，即每股 0.98 美元。

Now just an update on unfunded investment commitments, overall liquidity, and balance sheet leverage. We successfully reduced our unfunded commitments from $118 million at year-end to $71 million as of June 30. Of the $71 million of unfunded commitments, $5 million will expire this year in 2024 and $66 million will expire during 2025.

現在只是無資金投資承諾、整體流動性和資產負債表槓桿的最新情況。截至 6 月 30 日，我們成功地將無資金承諾從年底的 1.18 億美元減少到 7,100 萬美元。在 7,100 萬美元的無資金承諾中，500 萬美元將於今年 2024 年到期，6,600 萬美元將於 2025 年到期。

We are pleased to share that subsequent to the end of the quarter, the company fully renewed its revolving credit facility. The company elected to reduce total commitments under the facility to $300 million to align better with the company's anticipated utilization while maintaining an accordion feature that allows the company to increase the size of the credit facility in the future up to $300 million under certain circumstances.

我們很高興地告訴大家，本季末後，該公司全面更新了其循環信貸額度。該公司選擇將該貸款項下的總承諾減少至3 億美元，以更好地符合公司的預期利用率，同時保持手風琴功能，允許公司在未來在某些情況下將信貸額度的規模增加至3億美元。

After giving effect to the renewal, the company had total liquidity of $340 million, consisting of cash of $50 million and available capacity under the new revolver renewal of $290 million. We continue to maintain a diversified capital structure. As of quarter end, a total of $405 million of debt was outstanding, consisting of $395 million of fixed rate investment-grade term notes and $10 million outstanding on our credit facility, which currently has a $300 million aggregate commitment.

續約生效後，該公司的流動資金總額為 3.4 億美元，其中現金 5,000 萬美元，新左輪續約下的可用產能為 2.9 億美元。我們繼續保持多元化的資本結構。截至季末，未償債務總額為 4.05 億美元，其中包括 3.95 億美元的固定利率投資等級定期票據和 1,000 萬美元的未償信貸安排，目前該信貸安排的承諾總額為 3 億美元。

Given the $97 million in liquidity events from portfolio this quarter and $18 million in proceeds from the ATM program, we paid down our credit facility and continued to improve our leverage levels during the quarter as we ended the quarter with a leverage ratio of 1.15 times. Given that we have successfully renewed the revolving credit facility, we are comfortable with our current leverage sources and may look at additional sources should they be presented to us.

鑑於本季度投資組合的流動性事件為 9700 萬美元，ATM 計劃的收益為 1800 萬美元，我們在本季度償還了信貸額度，並繼續提高槓桿水平，本季度末槓桿率為 1.15 倍。鑑於我們已經成功更新了循環信貸安排，我們對目前的槓桿來源感到滿意，並可能考慮其他來源（如果有）。

Recall we have three different maturities of term notes. The first maturity is set to occur early next year. Given the very favorable rates on the existing term note, we do not currently expect to prepay or refinance these amounts until near their maturity dates.

回想一下，我們有三種不同期限的期限票據。第一次到期將於明年初發生。鑑於現有定期票據的利率非常優惠，我們目前預計在接近到期日之前不會預付或再融資這些金額。

So this completes our prepared remarks today. And so operator, could you please open the line for questions at this time?

我們今天準備好的演講到此結束。那麼接線員，現在可以開通提問線路嗎？

We will now begin the question-and-answer session. (Operator Instructions) Crispin Love, Piper Sandler.

我們現在開始問答環節。（操作說明）Crispin Love，Piper Sandler。

So starting off, you reset the dividend at $0.30, net investment income here decreased to about $0.33. I'm curious if you can discuss your outlook for net investment income over the near term, especially with rate cuts coming and your portfolio sitting at around $715 million range at quarter end. And when you think you can get back to an area where you're growing the portfolio again?

因此，一開始，您將股息重置為 0.30 美元，這裡的淨投資收益減少至約 0.33 美元。我很好奇您是否可以討論一下您對近期淨投資收入的展望，尤其是在降息即將到來且您的投資組合在季度末處於 7.15 億美元左右的範圍內。當您認為您可以回到您再次擴大投資組合的領域？

Yeah. So Crispin, I'll take that. So yeah, we have reset the dividend based on our current expectation of the strength of the existing portfolio and maintaining our target leverage ratio, which is where we are sitting now. We've also considered the impact of some near-term Fed rate changes that are expected to come in the near future as well as looking at the first half of 2025. Some of the other things we're also thinking about are some of the variables we had this quarter.

是的。克里斯平，我接受。所以，是的，我們根據目前對現有投資組合實力的預期並維持我們的目標槓桿率（這就是我們現在所處的位置）重置了股息。我們也考慮了預計在不久的將來發生的一些聯準會近期利率變化的影響，並展望了 2025 年上半年。我們也在考慮的其他一些事情是本季的一些變數。

Management fee tends to be quite flat. So we've assumed a pretty flat management fee. No incentive fee is expected to be incurred for the rest of this year and for at least the early part of 2025. Admin fees and G&A are pretty well baked and consistent quarter to quarter. So all that assumed, we assume a kind of a consistent portfolio size with the leverage we have to the extent scheduled and referred to NAV appreciation. NAV appreciation would result in additional ability to grow the portfolio. So I think that covers the question, I think.

管理費往往相當平坦。所以我們假設管理費相當固定。預計今年剩餘時間和至少 2025 年初不會產生激勵費。管理費和一般行政費用相當不錯，並且每個季度都保持一致。因此，所有這些假設，我們假設投資組合規模與我們所擁有的槓桿一致，並達到預定的程度並參考資產淨值升值。資產淨值升值將帶來增加投資組合的額外能力。所以我認為這涵蓋了這個問題。

Great. Thanks. That's all helpful. And then just in the last week or so, we've seen plenty of volatility in broader markets. Credit spreads have widened. There have been kind of more fears of a potential recession. So can you discuss a little bit how you feel about your current credits that are performing as well as kind of new credits you're looking at?

偉大的。謝謝。這很有幫助。然後就在上週左右，我們看到更廣泛的市場出現了很大的波動。信用利差已經擴大。人們對潛在衰退的擔憂更加強烈。那麼你能談談你對目前正在執行的學分以及你正在考慮的新學分的看法嗎？

It seems like you're taking a cautious approach here. But just curious if anything has changed in your outlook recently. Or is it pretty stable? Or just kind of has anything gotten worse? Just curious in the current environment and the volatility that we've seen more recently.

看來你在這裡採取了謹慎的態度。但只是好奇最近你的看法是否有任何改變。或者說它相當穩定？或者只是事情變得更糟了？只是對當前的環境和我們最近看到的波動感到好奇。

Yeah. Crispin, I'll take it. Our credit risk scores obviously reflect our current view on our existing obligors and based on market conditions. And so I think our perspective as we look to the most major impact to our sector and our industry is venture capital fundraising, venture capital investment activity. And I think Jim talked about it, essentially flat Q2, Q1, but still up from last year. So I think we would like to see that activity increase.

是的。克里斯平，我會接受的。我們的信用風險評分顯然反映了我們目前對現有債務人的看法並基於市場條件。因此，我認為，當我們著眼於對我們的行業和我們的行業產生最大影響時，我們的觀點是風險資本籌款和風險資本投資活動。我認為吉姆談到了這一點，第二季、第一季基本上持平，但仍比去年有所成長。所以我認為我們希望看到這種活動增加。

I don't think the current -- this week's volatility necessarily impacts the private market investment activity as long as the volatility is short. I still think there is that more fundamental mismatch that Jim talked about -- regarding public valuation multiples and private valuation multiples, and we still need that to clear that imbalance. And so I think it will take a few more quarters for that to occur, investment activity to improve, and exit activity to improve as well which are all beneficial for not only new investment opportunities but our existing portfolio.

我認為，只要波動很短，目前本週的波動就不一定會影響私人市場的投資活動。我仍然認為吉姆談到的更根本的不匹配——關於公共估值倍數和私人估值倍數，我們仍然需要它來消除這種不平衡。因此，我認為還需要幾個季度才能實現這一目標，投資活動得到改善，退出活動也得到改善，這不僅有利於新的投資機會，而且有利於我們現有的投資組合。

Finian O'Shea, Wells Fargo.

菲尼安‧奧謝，富國銀行。

A follow-up on earnings, Chris, can you give us after deleveraging, which has been going on for a few quarters, what would like the exit rate be of NOI? You also said the portfolio and leverage would be stable from here. So where would earnings, say, be at next quarter all else equal?

克里斯，關於獲利的後續情況，您能否告訴我們，在持續了幾季的去槓桿化之後，NOI 的退出率是多少？您也表示，從現在開始，投資組合和槓桿率將保持穩定。那麼，在其他條件相同的情況下，下一季的獲利會是多少呢？

Yeah. So without giving you specific numbers, certainly, what we did was considered the existing portfolio size and steady state. So we have hit our leverage target. I know we worked towards that over the last six to nine months. And so we're at our target leverage now. So it's really more about turning the portfolio and building it from there.

是的。因此，在沒有給您具體數字的情況下，我們所做的當然是考慮現有的投資組合規模和穩定狀態。所以我們已經達到了槓桿目標。我知道我們在過去六到九個月裡一直在努力實現這一目標。所以我們現在達到了目標槓桿。因此，真正重要的是轉變投資組合併從那裡開始建立它。

So I think you can build your models resetting the portfolio size to where we are today. And then some of the comments I made about some of the P&L expense and items there should help you drive your models.

所以我認為你可以建立你的模型，將投資組合規模重置到我們今天的水平。然後我對一些損益費用和項目所做的一些評論應該可以幫助您推動您的模型。

Okay. So on the level of the dividend, it sounds like earnings power was revisited given the greater-than-anticipated repays getting you to sort of your destination. You also talked about the base rate curve. But your payout yield, I think, is nearly 14%, and a base rate curve normalizing would probably have you a bit below -- that's still much higher than you earned historically. So is there a sort of -- is there another bridge or lever from here assuming as well normal incentive fees and interest costs? Thanks.

好的。因此，在股息水平上，考慮到超出預期的回報讓您達到了目標，聽起來似乎重新審視了盈利能力。您還談到了基本利率曲線。但我認為，你的支付殖利率接近 14%，基本利率曲線正常化可能會讓你略低一些——這仍然比你歷史上的收入高得多。那麼，在假設正常的激勵費用和利息成本的情況下，是否還有另一種橋樑或槓桿？謝謝。

You know what, I'll grab that one. But I'd say BDC, we think it's pretty important to have distributions to our shareholders -- and myself, Chris and Sajal are in that mix and not a very in a significant way. But yeah, you've got to look at the $97 million of liquidity events that we had last quarter. We have been getting back in our targeted leverage range and then the lower core portfolio yield.

你知道嗎，我會抓住那個。但我想說的是，BDC，我們認為向我們的股東進行分配非常重要——我、克里斯和薩哈爾都在其中，但不是一個非常重要的方式。但是，是的，你必須看看上個季度我們發生的 9700 萬美元的流動性事件。我們已經回到了目標槓桿範圍，然後核心投資組合報酬率也降低了。

I mean, it's all lower earnings power. So I guess you could factor in the Fed rate cuts that we may expect that Chris was talking about, and it just boils it down to -- it's not an easy decision here, Fin, but it's the right decision and it realigns the dividend with the size and the yield of this portfolio, but still providing some sizable distributions to the shareholders.

我的意思是，這都是獲利能力下降的結果。因此，我想你可以考慮克里斯所談論的美聯儲降息，這可以歸結為——芬，這不是一個容易的決定，但這是正確的決定，它使股息與該投資組合的規模和收益率，但仍為股東提供了一些相當大的分配。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Thanks. Can you talk about your outlook for portfolio yield, both kind of the base yield, but also kind of as you think about repayments as well in there?

謝謝。您能否談談您對投資組合收益率的展望，既包括基本收益率，也包括您對還款的看法？

Yeah, Doug. Sajal, I'll take it. So I believe, as we reported today, core portfolio without the benefit of prepayment activity, 13.9%. And so I think as Chris -- sorry, we're getting a little background noise. 60% of our book is floating rate, 40% is fixed rate.

是的，道格。薩哈爾，我會接受的。因此，我相信，正如我們今天報導的那樣，沒有預付款活動收益的核心投資組合為 13.9%。所以我認為克里斯——抱歉，我們聽到了一些背景噪音。我們帳簿的60%是浮動利率，40%是固定利率。

So as we -- and again, we set floors on base rate indices, depending on when the assets are originated. So we have -- the lowest prime rate floor we have is during the quarter but obviously going to as high as where the current prime rate is on our more recent loan book.

因此，我們再次根據資產的起源時間設定基本利率指數的下限。因此，我們的最低優惠利率下限是在本季度，但顯然會與我們最近的貸款帳簿上的當前優惠利率一樣高。

So I would say our perspective is that, generally, this 13.9% is a good starting point and then factor in the fact that, again, as the Fed makes changes and reduces rates, you'll see not on a one-for-one basis, but you'll see the impact of that. Yes, obviously, we're onboarding new investments at higher rates, but we have to factor in again the balance of the portfolio.

所以我想說的是，我們的觀點是，一般來說，13.9% 是一個很好的起點，然後再考慮到這樣一個事實：隨著聯準會做出改變並降低利率，你會看到不是一對一的基礎，但你會看到它的影響。是的，顯然，我們正在以更高的利率進行新投資，但我們必須再次考慮投資組合的平衡。

And last point is there is a chart in our Q, obviously, that shows the impact of base rate changes. So I think you can get actually some more specific information.

最後一點是，我們的問題中顯然有一張圖表，顯示了基本利率變化的影響。所以我認為你實際上可以獲得一些更具體的資訊。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

Hey guys. To pick up on Fin's discussion -- and I don't mean to beat a horse here. But did you cut the dividend enough? Because if you look at as a percentage of NAV, it's close to 14%.

嘿夥計們。繼續芬的討論－我並不是想在這裡打敗馬。但你削減股息了嗎？因為如果你看一下資產淨值的百分比，它接近 14%。

Yes. So we think we have. We think that based on the modeling we've done and the variance of the revenue that this portfolio generates, we think that we're in the right level. I think the one thing that I forgot to mention to Fin was one of the variables now that we're at target leverage is the prepayment rate and the vintage of those prepayments.

是的。所以我們認為我們有。我們認為，根據我們所做的建模以及該投資組合產生的收入差異，我們認為我們處於正確的水平。我認為我忘記向 Fin 提及的一件事是，現在我們處於目標槓桿率的變數之一是預付款率和這些預付款的年份。

I think we've talked in the past that earlier prepayments generate more income to us. So that will be one of the variables that you'll have to think about over the coming quarters. But otherwise, we think we have a good handle on the earnings power, the portfolio, and some of the variables beyond just the kind of top-line revenue.

我想我們過去曾說過，較早的預付款可以為我們帶來更多的收入。因此，這將是您在未來幾季必須考慮的變數之一。但除此之外，我們認為我們對獲利能力、投資組合以及除頂線收入之外的一些變數有很好的把握。

Okay. And Chris, on the -- the shares are now trading below book, should we assume that the ATM will not be utilized when the share price (multiple speakers)

好的。克里斯，關於 - 股票現在的交易價格低於帳面價值，我們是否應該假設當股價下跌時 ATM 機不會被使用（多個發言者）

Yeah, that's a fair question. So we do not have and have never sought the vote to have below share issuance. And so ATM is at the market assuming that we trade above, including the -- any load that we would pay. So yeah, that's correct. If it's below NAV, we're not issuing.

是的，這是一個公平的問題。因此，我們沒有也從未尋求過投票來發行以下股票。因此，ATM 在市場上假設我們進行上述交易，包括我們將支付的任何費用。所以是的，這是正確的。如果低於資產淨值，我們不會發行。

Great. And my final question is given that you guys are sort of in a portfolio reset mode to a certain degree, what areas -- what industries are you liking? And which areas are you not liking in terms of looking at prospective investments?

偉大的。我的最後一個問題是，你們在某種程度上處於投資組合重置模式，你們喜歡哪些領域──哪些產業？在尋找潛在投資方面，您不喜歡哪些領域？

Yeah. I'd say we pretty much are following what the investment categories and favorable sectors are of select venture investors that we work with. So probably no surprise. And here and there, we've mentioned some of these. But AI for sure, and that goes -- there's a lot of ways of defining that.

是的。我想說，我們基本上正在關注與我們合作的精選風險投資者的投資類別和有利行業。所以可能不奇怪。我們在這裡和那裡提到了其中的一些。但人工智慧是肯定的，而且有很多方法來定義它。

But cybersecurity comes to mind. There's a bunch of health tech, space, and government technology. We love recurring software companies, enterprise software. Interesting enough, robotics and actually semiconductors is making its way back into the mix of the new investment sectors. I'd throw in a little bit vertical software, some environmental sustainability technologies, and space and gov tech, as folks now call it. I think we are deemphasizing the more consumer-focused plays out there and there's less of them.

但我想到了網路安全。有很多健康科技、太空和政府技術。我們喜歡經常性的軟體公司、企業軟體。有趣的是，機器人技術和實際的半導體正在重新回到新投資領域的組合中。我會投入一些垂直軟體、一些環境永續性技術以及太空和政府技術，正如人們現在所說的。我認為我們不再強調更多以消費者為中心的遊戲，而且這樣的遊戲也越來越少。

Great. And finally, Chris, hope -- I wish you well in your retirement, and I always appreciate working with you and I appreciate your help and your patience. Okay, that's it for me, guys. Thank you.

偉大的。最後，克里斯，希望——我祝你退休後一切順利，我一直很感激與你一起工作，也感謝你的幫助和耐心。好吧，我就是這樣，夥計們。謝謝。

Thanks for the kind words.

謝謝你的客氣話。

And this will conclude our question-and-answer session. I'd like to turn the conference back over to Mr. Jim Labe for any closing remarks.

我們的問答環節到此結束。我想將會議轉回吉姆·拉貝先生做總結發言。

As always, I'd like to thank everyone for listening and also participating in today's call. We look forward to updating and talking with you all again next quarter. Thanks again and have a nice day.

一如既往，我要感謝大家收聽並參與今天的電話會議。我們期待下個季度再次更新並與大家交談。再次感謝，祝您有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。